DiNapoli Releases April 2008 Cash Report

General Fund spending, including transfers, of $3.8 billion is $1.2 billion, or 45 percent, higher than last year primarily due to the timing of payments for education and State operations. This level of growth is not expected to continue through the year as the timing of payments will tend to equalize as the year progresses.

General Fund spending was $12.4 million below Financial Plan projections updated in the Enacted Budget report released May 1. All Governmental Funds spending through April 30, 2008 of $7.3 billion was $1.5 billion, or 27.5 percent, over 2007-08 figures through April 30, 2007, again primarily due to the timing of payments for Medicaid and education.

General Fund receipts, including transfers, of $8.7 billion was $2.2 billion, or 33.5 percent higher, than the first month of 2007-08 primarily due to growth in personal income tax collections. The strength in personal income tax collections was from taxpayers settling their 2007 tax returns which were due on April 15 and does not reflect the current slowdown in the economy.

General Fund receipts including transfers was $93 million over Financial Plan projections updated in the Enacted Budget report. All Funds receipts through April grew $1.9 billion or 17.7 percent over April 2007 levels.

The General Fund closing balance is $105.4 million over Financial Plan projections.